Economic growth not a zero-sum game: President Tan
Both Japan and Singapore have a “strong sharing of minds” on economic growth, which the two nations do not see as a zero-sum game, visiting Singapore President Tony Tan Keng Yam said on Tuesday. “The more we can see growth in our own country and in other countries, the better it is for everyone. So it’s not a zero-sum game. It’s a plus-sum game,” he told reporters at the end of a nine-day state visit to Japan. This is why the two countries have been pursuing economic partnerships with other countries, including the Japan-Singapore Economic Partnership Agreement which is undergoing its third review to make it more open.
Credit card use in S’pore to fall ‘significantly’ by 2020
Credit card use in Singapore is set to fall by 24 percentage points in less than five years, according to research from global payments leader Worldpay, as consumers in the Republic become increasingly aware of personal debt and alternative payment methods. Credit cards are currently the most popular payment method in Singapore, taking a 60 per cent share of the payments market. But this is set to drop significantly to 36 per cent by 2020, according to the Global Payments Report.
Singapore Real Estate
MCL Land tops bids for Margaret Drive residential site with S$238.4m
MCL Land has emerged top in a fierce contest among 14 bidders for a residential land parcel at Margaret Drive. The top bid of S$238.39 million translates to S$997.85 per square foot per plot ratio (psf ppr) based on the maximum gross floor area of the site near Commonwealth MRT station, which is big enough for 275 homes. It is also 7.9 per cent higher than the next highest bid, from Allgreen Properties, at S$220.9 million. Such aggressive bidding for the 99-year leasehold site signals that developers are reading the market positively “with a possible upside in prices by the time the project is launched for sale”, said JLL national director for research and consultancy Ong Teck Hui.
Singaporeans remain bullish on London real estate
Britain’s vote to leave the European Union has put a dampener on house prices in London but Singaporean buyers are still looking to snap up property. Several developers and marketing agents told The Straits Times that the Singaporean appetite for real estate in the capital has not been quashed by the prospect of Brexit. In fact, it has remained robust, with many first-time buyers entering the market. “I’ve been doing London property since 2010, and these faces are people I have never seen before,” said Mr Dave Loo, managing director of SQFT Global Properties.
Braddell Flyover’s completion delayed again
What was supposed to be a four-year project to widen the roads around the Braddell Flyover has become a six-year nightmare for residents of about 10 nearby blocks in Bishan and Toa Payoh. Originally slated for completion by 2015, the end of the project has been delayed to the first quarter of 2017, the Land Transport Authority (LTA) confirmed yesterday. It is the second time the deadline for the Braddell Flyover project has been extended since work started in 2012.
Oxley to acquire 40% stake in Aussie property group
Marking its expansion Down Under by tying up with a local partner, Singapore developer Oxley Holdings Limited is taking up a 40 per cent stake in Australian property group Pindan Group Pty Ltd for A$32 million (S$33.87 million). Under a share subscription agreement entered into on Dec 5, Oxley will subscribe for 61.41 million shares in Pindan Group. This extends Oxley’s global footprint from the current nine markets of Singapore, the UK, Ireland, Cambodia, Malaysia, Indonesia, China, Japan and Myanmar.
Views, Reviews & Forum
Despite falling private property prices, market stability is priority
For industry players and others holding out hope of a reprieve soon from the Singapore property market cooling measures amid current moribund market conditions, the government has reiterated its stand: The curbs will stay for a while. In its latest financial stability review (FSR) published last week, the Monetary Authority of Singapore (MAS) maintains that “continued vigilance” is still necessary, not least with early signs of an uptick in demand, and with an economic outlook marked by increased uncertainty.
Time to review and modify property cooling measures
While Singapore’s property cooling measures will continue (“Central bank backs keeping property cooling measures in place”, BT, Nov 30), a review of some of its features is in order, with appropriate adjustments made. Cooling measures were introduced progressively to prevent a speculative residential property bubble, whose bursting could cause problems for both Singaporeans and the banking system. Another reason was to ensure property affordability for Singaporeans.
Global Economy & Global Real Estate
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